Making sure the properties are cheaper to own than to rent is what makes this a win for the homeowner.
Teaneck, NJ (PRWEB) July 30, 2010
Primarily focused on buying REO properties in the Midwest and Southeastern U.S., First Fidelity acquires its first REO property in Maine and adds to the assets it has in other Northeastern states such as New Jersey and Pennsylvania. As foreclosures rise, banks have an urgent need to offload these properties and offer them to investors at a considerable discount. While most investors focus on flipping, First Fidelity Homes offers a socially responsible solution.
Flipping homes can be detrimental to the physical, social, and economic well-being of a community since homes are left vacant during the process. Instead of flipping the REO properties it acquires from banks, First Fidelity offers these homes under selling financing to homeowners and structures the monthly payments to be significantly lower than market rents in the area. As Farouk Sheikh, CEO of First Fidelity Homes added, “Making sure the properties are cheaper to own than to rent is what makes this a win for the homeowner.”
These revenue generating properties are then offered to investors with a high annual return. The investors’ role is similar to that of a bank and involves no landlording and no maintenance since the homeowners are responsible for all taxes, maintenance, and insurance. First Fidelity offers REO properties across the U.S. in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Michigan, Mississippi, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin.
To get details on First Fidelity Homes’ investment program and view available investment properties, please visit http://www.firstfidelityhomes.com/ProgramOverview.
About First Fidelity Homes
First Fidelity Homes is a socially responsible real estate firm headquartered in New Jersey that offers revenue generating foreclosures at a discount to investors. The firm has been involved in over 250 bank owned real estate transactions.
# # #